Active and Pending Sales

[TJSum]

Yes, you hit the problem square on, the listings are telling us what the properties are not worth. In markets where nothing is selling right now, who knows how much the prices will have to drop to obtain an offer. This is where the declining market check off and comments come into play...

 

[Couch Potato]

TJ,
I understand what you are saying but we are dealing with unkown market for those condos and irrational homeowners at that stage. The owners are irrational because they think their prices are at market price based on the past sales and are not willing to bring their prices dow gradually to see if someone is going to show up or not. They are just sitting on those listings and waiting. They are waisting their times.
The market for those condos is unknown becaue no one knows that how much those listings need to come down? 5%, 10% or 15% in order to bring buyers to the market? When few sales occured, it shows that how much those listings need to come down.
When this happened, some of them who are really want to sell, they agree to cut their prices down and some are going to take their listings off the market. The new listings are going to be based on those recently sold or those that are selling.

Very true Moh, but if the most recent sales are $220k to $230k would not the listings provide very valuable information?